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February 17, 2014

Sales rise, profit falls for Nexen in 2013

Nexen Tire Corp. posted net income of 124 billion won on net sales of more than 1.7 trillion won for its fiscal year ended Dec. 31, 2013. That compares to income of 134.3 billion won on sales of 1.7 trillion won for fiscal 2012.

Based on the average exchange rate for 2013, Nexen recorded net income of $113.2 million on net sales of more than $1.5 billion last year. Its income-to-sales ratio was 7.1%.

The company's operating income was down 1.7%, from 180.2 billion won in 2012 to 177 billion won last year.

In Korea, which accounts for close to 80% of the Korean company's sales, Nexen posted net sales of nearly 1.4 trillion won. That was down 1.4% from fiscal 2012. Its operating income was 142.6 billion won, which was down 3.4%.

For the fourth quarter, Nexen recorded net sales of 405.7 billion won ($385.6 million, based on the exchange rate on Dec. 31, 2013). Ultra-high performance tire sales represented 39% of total sales.